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  1. #1
    Veteran Member sam5570's Avatar
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    south west virginia
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    new holland tn70

    Default wife get's big surprize

    well as most of you know the wife lost her job of 30 year's company shut down she had figured up her severence pay and she new how to figure the taxes she done mine for year's for the people who worked for me. ok today she got her first check and they taxed it at 40 percent she is fit to be tied. so look out if you end up in this deal you will know what to expect.we were figuring 27 percent because of the ss increase.

  2. #2
    Super Star Member dave1949's Avatar
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    Apr 2009
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    Industry, Maine
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    New Holland TC40

    Default Re: wife get's big surprize

    The payroll system probably treated your wife's severance check as if it were one of a regular weekly or monthly pays instead of a one-time shot.
    "Those were the days my friend, we thought they'd never end ..."
    When there is a huge solar energy spill, it is called a "nice day"!

  3. #3
    Elite Member 300UGUY's Avatar
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    Apr 2004
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    3,666
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    Howell, Michigan
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    Kubota L3400, Farmall H

    Default Re: wife get's big surprize

    Quote Originally Posted by sam5570 View Post
    well as most of you know the wife lost her job of 30 year's company shut down she had figured up her severence pay and she new how to figure the taxes she done mine for year's for the people who worked for me. ok today she got her first check and they taxed it at 40 percent she is fit to be tied. so look out if you end up in this deal you will know what to expect.we were figuring 27 percent because of the ss increase.
    She should get much of that back when she files taxes next year. It sucks, but that's the way things usually work.

  4. #4
    Veteran Member
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    Default Re: wife get's big surprize

    Just be glad it is not much more... I fully expect our taxes to go up more.
    2007 Kubota L3130, LA723 FEL
    Land Pride FDR1672 rear finish mower, Frontier RB1172, Koyker KB60 BH
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  5. #5
    Gold Member
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    464

    Default Re: wife get's big surprize

    Quote Originally Posted by 300UGUY View Post
    She should get much of that back when she files taxes next year. It sucks, but that's the way things usually work.
    Yep, this gives eleven months to sort out how to maximize the refund. Stinks that the gov is getting an interest free loan from you in the meantime though.
    Also, be glad it wasn't in December. You'd have no time to react as far as changing things to help lower taxes and the severance plus the years salary together in one year would have made the taxes that much worse.
    Silver lining....
    Keith

  6. #6
    Veteran Member orezok's Avatar
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    Jan 2004
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    Mojave Desert, CA
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    Kubota B7800

    Default Re: wife get's big surprize

    You can always under withhold for the rest of the year to get back close to even.

  7. #7
    Platinum Member etcallhome's Avatar
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    Mar 2005
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    WV,Preston County
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    JD 1026R

    Default Re: wife get's big surprize

    When I retired early over 4 yrs ago. I could have taken one lump sum ,or over 4 yrs. Our investor advised taking it over 4yrs ..Yes still paid taxes but not at a much higher rate.
    Have fun and be safe !!!

    JD1026R H120 fel w/54"bucket; 60" mmm ; 260 BH/w 12" bucket; ballast box; rear weights; front quick hitch w/angling kit and 54 " blade ;3pt rear 60" blade ; JD 47" frt snowblower ; Original Tractor Cab;Bush Hog 47" tiller and 15" Middle Buster

  8. #8
    Elite Member
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    Apr 2005
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    nicholson, pa
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    John Deer Lt160

    Default Re: wife get's big surprize

    Sounds like it was taxed as a bonus.
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  9. #9
    Veteran Member sam5570's Avatar
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    south west virginia
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    new holland tn70

    Default Re: wife get's big surprize

    she didnot take a lump sum she get's 4 payment's over the next 6 months. so they will get 40 percent of each check oh well it happens.

  10. #10
    Super Star Member murphy1244's Avatar
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    Ohio
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    Kioti DK-40, MF-135, Ventrac 4500Y

    Default Re: wife get's big surprize

    Quote Originally Posted by sam5570 View Post
    i wish you could tell her that she only weights 98 lbs but it's a tough 98
    Not me, I ain't that brave and I wasn't trying to be mean either.
    Murph ------------

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